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Hunter Group ASA Interim / Quarterly Report 2016

Sep 7, 2016

3626_rns_2016-09-07_7cfde449-eb9d-4be4-b324-52dffedd4ac7.pdf

Interim / Quarterly Report

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Q2 - 2016 IR Report

Roald Valen - CEO 8th September 2016

  • This presentation includes forward-looking statements which are subject to risks and uncertainties that could cause actual results and events to differ.
  • Even though the Company believes that the expectations reflected in the forward-looking statements are reasonable, BXPL cannot assure that the presented predictions will be achieved. It has to be taken into account that certain risks and uncertainties that are tied to the presented forward-looking statements, such as political, economical, financial and legal changes in the markets BXPL operates in, are beyond the Company's ability to control or predict. Therefore readers should not place undue reliance on the forward-looking statements.

  • BXPL does not intend and does not assume the obligation to update any of the presented forward-looking statements in light of new information except to the extent required by applicable law and/or regulation.

  • Highlights from Q2 2016

  • Development Program
  • Partners
  • Statoil
  • CNPC
  • Industrial Partners
  • Financials
  • Outlook

BXPL have identified four main processes critical for an operational Badger tool :

    1. Compaction and plug integrity
    1. Locomotion
    1. Drilling
    1. Cuttings transport

The Development Program Scope of Work describes plans and methods for researching, developing, and qualifying, the required process solutions. The program calls for work on several parallel tracks for each main challenge in order to reduce development risk.

All deliverables in Milestone 1 have successfully been delivered.

Deliverable: Schedule: Payment:
Cuttings transport system Stage 2 and 3 complete Complete 2,5 MNOK
Cuttings transport system Stage 1 complete Complete 2,5 MNOK
Ultrasonic transducers qualified Complete 1,25 MNOK
Feasibility study locomotion system complete Complete 1,25 MNOK

A main challenge in the Badger Explorer tool is the cuttings transport system.

Based on the work performed at Honeybee Robotics in 2015 Badger Explorer have designed and built a new prototype.

The system operated successfully for several hundreds of hours and this concluded Milestone 1 in the Development Program

  • Highlights from Q4 2015
  • Development Program
  • Partners
  • Statoil
  • CNPC
  • Industrial Partners
  • Financials
  • Outlook

Development Program

  • Program is split into smaller, parallel projects with smaller budgets (Part 1, Part 2, etc.)
  • Joint Industry Projects (JIP) with partners outside the Badger Explorer project will ensure progress and lower budget

  • Actively seek cooperation with oil service companies

  • Highlights from Q4 2015

  • Development Program
  • Partners
  • Statoil
  • CNPC
  • Industrial Partners
  • Financials
  • Outlook

Negotiations about technical deliverables and funding is ongoing. BXPL is experiencing longer lead times on negotiations in current business climate.

On the 8th April Statoil signed a Letter of Intent where they confirm their intent to support BXPL's Development Program in 2016.

Development Program Milestone 2 outline

  • Compaction experiments at University of Glasgow, supported by Petromaks2
  • Development of drilling system

Partners – CNPC DR

Negotiations are still on-going, but progress is unpredictable.

In addition to challenging business climate in O&G industry, the political situation between Norway and China is delaying progress.

BXPL have been invited to present our cooperation with CNPC DR for the Norwegian-Chinese Chamber of Commerce (NCCC) Tuesday 13th September.

  • Highlights from Q4 2015
  • Development Program
  • Partners
  • Statoil
  • CNPC
  • Industrial Partners
  • Financials
  • Outlook

BXPL has entered partnership dialogues with several international oilfield service companies

  • Accelerating technical advancement of the tool and contributing to a successful market introduction
  • Partnerships will allow technologies to be spun-off for alternative applications.

  • Main focus will remain the Development Program, but BXPL will make an effort to unlock the potential in technologies currently developed and pipelined for development

  • Highlights from Q4 2015

  • Development Program
  • Partners
  • Statoil
  • CNPC
  • Industrial Partners
  • Financials
  • Outlook

BXPL: Income Statement

Quarters Year to date Year End
Unaudited figures in NOK 1000 Q2 2016 Q1 2016 Q2 2015 Note 30.06.2016 30.06.2015 31.12.2015
Revenues
Other Income 42 $\bf{0}$ $\mathbf{0}$ 42 $\mathbf 0$ $\mathbf{0}$
Total Revenues 42 $\bf{0}$ $\mathbf{0}$ 42 $\mathbf{0}$ $\bf{0}$
Operating Expenses
External services for development project 1 1 8 5 111 1666 1 2 9 6 3734 8726
Payroll and related costs 750 1 0 8 1 1775 1830 5 0 5 5 9 9 21
Other operating expenses 1 2 4 9 1 1 0 8 2 781 2 3 5 7 5 3 9 1 8 0 8 3
Capitalized development costs $-1872$ $-601$ $-2706$ $-2473$ $-6630$ $-14124$
Total Operating Expenses 1312 1698 3515 3 0 1 0 7550 12 606
EBITDA $-1270$ $-1698$ $-3515$ $-2969$ $-7550$ $-12606$
Depreciation 37 43 49 80 109 200
Operating profit (loss) $-1307$ $-1741$ $-3565$ $-3049$ $-7659$ $-12807$
Net financial income (loss) $-129$ $-113$ $-126$ 3,10 $-242$ $-227$ $-450$
Profit (loss) before taxes $-1436$ $-1855$ $-3691$ $-3291$ $-7886$ $-13257$
Tax on ordinary result 0 $\bf{0}$ $\bf{0}$ 0 $\bf{0}$ 0
Net profit (loss) $-1436$ $-1855$ $-3691$ $-3291$ $-7886$ $-13257$
Profit (loss) attributable to equity holders of the
parent		 $-1436$ $-1855$ $-3691$ $-3291$ $-7886$ $-13257$
Earnings per share $-0,08$ $-0, 10$ $-0,20$ $-0,18$ $-0,43$ $-0,72$
Earnings per share diluted $-0,08$ $-0.10$ $-0,20$ $-0,18$ $-0,42$ $-0,71$
ASSETS 30.06.2016 31.03.2016 30.06.2015 Note 31.12.2015
NON-CURRENT ASSETS
Capitalized development costs 149 132 147 966 143 446 2,6 147 768
Patent rights 387 387 387 387
Total intangible assets 149 519 148 352 143 832 148 154
Property, plant & equipment 21 58 192 101
Total tangible assets 21 58 192 101
Investments in shares $\bf{0}$ $\bf{0}$ $\bf{0}$ 3,10 $\bf{0}$
Total investments in shares 0 0 0 $\mathbf 0$
TOTAL NON-CURRENT ASSETS 149 539 148 410 144 025 148 255
CURRENT ASSETS 0
Accounts receivables 6 $\bf{0}$ 0 6 $\bf{0}$
Other receivables 2 5 1 8 5 9 8 2 7 3 2 0 3630
Total receivables 2524 5982 7320 3 6 3 0
Cash and cash equivalents 287 329 857 586
TOTAL CURRENT ASSETS 2811 6 3 1 0 8 177 4 2 1 6
TOTAL ASSETS 152 350 154 721 152 202 152 471
EQUITY AND LIABILITIES 30.06.2016 31.03.2016 30.06.2015 Note 31.12.2015
EQUITY
Share capital 2 3 1 7 2 3 1 7 2 3 1 7 3 2 3 1 7
Share premium 218 070 218 070 218 070 4 218 070
Other paid in capital 3 9 0 3 3 8 4 8 3895 3 4 1 6 7
Total paid in equity 224 290 224 235 224 282 224 555
Retained earnings $-161638$ $-160202$ $-152977$ $-158347$
Total retained earnings $-161638$ $-160202$ $-152977$ $-158347$
TOTAL EQUITY 62 652 64 032 71 305 66 207
LIABILITIES
Capitalized grants 79 500 79 000 75 000 6 75 000
Total non-current liabilities 79 500 79 000 75 000 75 000
Accounts payables 2847 2 7 9 3 2 768 3,8 3078
Public duties payables 180 962 32 474
Debt financial institutions 6820 6928 1967 11 6711
Other short term liabilities 351 1 0 0 5 1 1 2 9 1 001
Total current liabilities 10 198 11 688 5896 11 264
TOTAL LIABILITIES 89 698 90 688 80 896 86 264
TOTAL EQUITY AND LIABILITIES 152 350 154721 152 202 152 471

BXPL: Cash Flow Statement

Quarters Year to date Year end
Unaudited figures in NOK 1000 Q2 2016 Q1 2016 Q2 2015 Note 30.06.2016 30.06.2015 31.12.2015
Contribution from operations* $-1215$ $-2018$ $-3444$ $-3233$ $-7314$ $-12098$
Change in accounts receivables and accounts payables 47 $-284$ 969 3,8 $-237$ 1874 683
Change in other receivables and payables $-822$ $-19$ $-1567$ $-841$ 477 $-936$
Net cash flow from operating activities $-1990$ $-2321$ $-4042$ $-4311$ $-4963$ $-12351$
Capitalization of development cost $-1872$ $-601$ $-2706$ 2 $-2473$ $-6630$ $-14124$
Net cash flow from investment activities $-1872$ $-601$ $-2706$ $-2.473$ $-6630$ $-14124$
Public grants 2 0 5 7 562 1733 2619 3 4 0 5 8 0 6 0
Contribution from industry partners 2 0 0 0 2 0 0 0 2 9 5 0 6 4 0 0 0 6890 8 3 9 0
Interest received 18 $\bf{0}$ 8 19 36 54
Interest paid -147 $-114$ $-134$ $-261$ $-263$ $-505$
Proceeds from borrowings financial institution $-108$ 216 1967 11 109 $-1967$ 6711
Net cash flow from financing activities 3 8 20 2 6 6 5 6 5 2 4 6 4 8 5 8 100 22 711
Total net changes in cash flow -42 $-257$ $-225$ -299 $-3492$ $-3764$
Cash and cash equivalents beginning of period 329 586 1 0 8 2 586 4 3 5 1 4 3 5 1
Cash and cash equivalents end of period 287 329 857 287 857 586
Profit (loss) attributable to equity holders of the parent $-1436$ $-1855$ $-3691$ $-3291$ $-7886$ $-13256$
Employee options 55 $-320$ 71 5 $-265$ 236 508
Depreciation 37 43 49 80 109 200
Financial income $-18$ 0 -8 $-19$ $-36$ $-54$
Financial expenses 147 114 134 261 263 505
*Contribution from operations before tax $-1215$ $-2018$ $-3444$ $-3233$ $-7314$ $-12098$

20 Largest Shareholders as of 30 June 2016

Rank Investor Holding Percentage
т DEUTSCHE BANK AG 2829997 15.3 %
2 TTC INVEST AS 1 350 260 7.3 %
3 INVESCO PERP EUR SMALL COMP FD 225 389 6.6%
4 HOLBERG NORGE 808 135 4.4%
5 CLEARSTREAM BANKING S.A. 734 003 $4.0\%$
6 SKANDINAVISKA ENSKILDA BANKEN S.A. 615 000 33%
7 ARGENTUM 523 145 $2.8\%$
8 DALVIN RÅDGIVNING AS (DOLVEN GUNNAR) 426 872 $2.3\%$
9 MACAMA AS 355 514 1.9%
10 ANØY INVEST DA 278 800 1.5%
п BARRA ØYSTEIN JOHANNES 277 034 1.5%
12 AM KNIJT 242 600 1.3%
13 GJENSIDIGE FORSIKRING 226 472 1.2%
14 DREVDAL KJELL ERIK 222 600 1.2%
15 NILSHOLMEN INVESTERING AS (MARKMAN KJELL) 209 222 1.I %
16 BAKKE STEINAR 200 473 1.I %
17 MP PENSJON PK 172700 $0.9\%$
18 ESPELID KARSTEIN JOHAN 170 000 0.9 2
19 STOKKA SIGMUND 168 693 0.9%
20 THOMAS FEARNLEY, STIFTELSEN 150 983 $0.8 \%$
Top 20 shareholders 11 187 892 60.4%
Other shareholders 7 349 396 39.6%
Total shares outstanding 18 537 288 100,0%
Rank Investor Holding Percentage
т DEUTSCHE BANK AG 2829997 15.3%
2 TTC INVEST AS 1300000 7.0%
3 INVESCO PERP EUR SMALL COMP FD 1 225 389 6.6%
4 HOLBERG NORGE 808 135 4.4%
5 CLEARSTREAM BANKING S.A. 737 853 $4.0\%$
6 SKANDINAVISKA ENSKILDA BANKEN S.A. 615 000 3.3%
7 ARGENTUM FONDSINVESTERINGER AS 523 145 2.8%
8 DALVIN RADGIVNING AS (DOLVEN GUNNAR) 426 872 $2.3\%$
9 MACAMA AS 355 514 1.9%
10 BARRA ØYSTEIN JOHANNES 336 011 $1.8\%$
п ANØY INVEST DA 278 800 1.5%
12 AM KNUT 242 600 1.3%
13 GJENSIDIGE FORSIKRING 226 472 1.2%
4 DREVDAL KJELL ERIK 222 600 1.2%
15 NILSHOLMEN INVESTERING AS (MARKMAN KIELL) 209 222 1.I %
16 BAKKE STEINAR 200 473 1.I %
17 MP PENSJON PK 172700 $0.9\%$
18 ESPELID KARSTEIN JOHAN 170 000 0.9 2
19 STOKKA SIGMUND 168 693 0.9%
20 ÖGMUNDSSON ANDRÉS 165 000 0.9%
Top 20 shareholders 11 214 476 60.5%
Other shareholders 7322812 39.5%
Total shares outstanding 18 537 288 100,0%
  • Highlights from Q4 2015
  • Development Program
  • Partners
  • Statoil
  • CNPC
  • Industrial Partners
  • Financials
  • Outlook

The long term qualification test of the cuttings transport system represents a significant step forward for BXPL. One of the main challenges with the Badger concept has been solved, thus significantly reducing the technology risk for the commercial Badger tool.

The work to develop and qualify solutions for the rest of the challenges with the Badger concept will continue

Negotiations with existing and new oil companies sponsors are on-going.

Any questions - Thank You

?

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